House Passes Wal-Mart Bank Ban By Wide Margin

Law360, New York (May 22, 2007, 12:00 AM EDT) -- After months of debate, the U.S. House of Representatives has voted by an overwhelming majority to pass a bill that seeks to outlaw commercial retailers such as Wal-Mart from owning U.S. specialty banks.

On Monday, the House endorsed the measure by a 371-16 vote, handing Rep. Barney Frank, chairman of the house committee on financial services, a crucial victory in his long-standing campaign against retailers’ ownership of the industrial loan companies.

“This bill will preserve the distinction between banking and commerce that is necessary to protect...